Just as US President Donald Trump is about to sign the “Big Beautiful Bill,” raising the debt ceiling by another $5 trillion, a massive $3.6 billion in Bitcoin BTC $108 012 24h volatility: 1.7% Market cap: $2.15 T Vol. 24h: $21.80 B and Ethereum ETH $2 520 24h volatility: 3.0% Market cap: $303.81 B Vol. 24h: $14.85 B options are expiring today, after a bullish week in the crypto market.
As per the data from the derivatives platform Deribit, a total of 27,384 Bitcoin options contracts will expire on July 4, with a notional value of $2.98 billion. This is a significant drop from last week’s expiry of 139,390 contracts. Furthermore, the put-call ratio is currently at 1.05 with a total of 14,010 put contracts and 13,373 call contracts.
Bitcoin Options Expiry | Source: Deribit
The put-call ratio above 1.0 highlights a bearish outlook, with more investors hedging against potential price declines than betting on upward movement.
On the other hand, a total of 237,278 Ethereum options contracts are about to expire with a notional value of $610 million. Moreover, 131,881 put contracts outweigh 105,397 call contracts, resulting in a put-to-call ratio of 1.25.
Ethereum Options Expiry | Source: Deribit
Both Bitcoin and Ethereum have registered gains over the past week, with bullish optimism on the rise.
https://t.co/n0OcjSGEsP Community Daily Digest
Published: 2025-07-03
Overall Market Sentiment
The group shows a mixed sentiment with tactical bearishness in the short term but maintains underlying bullish conviction, particularly around key resistance levels like 90k and 102k.…
— Greeks.live (@GreeksLive) July 3, 2025
Where’s bitcoin and ethereum price heading next?
Bitcoin seems to be flirting at $109,000 as bulls and bears find each other at a crossroads. According to crypto analyst Rekt Capital, Bitcoin (BTC) needs to hold above $108,890 through the end of the week to secure a bullish weekly close above its final major resistance level. A successful close above this threshold could set the stage for continued upward momentum.
#BTC
Bitcoin just needs to stay above $108890 for the rest of the week to position itself for a bullish Weekly Close above the final major resistance (red)$BTC #Crypto #Bitcoin https://t.co/u1YrxcmU6t pic.twitter.com/GU873pDqIo
— Rekt Capital (@rektcapital) July 3, 2025
On the other hand, veteran market analyst Arthur Hayes expects a Bitcoin price crash to $90,000 ahead of the Jackson Hole event in August.
Similarly, Crypto analyst Rekt Capital noted a strong turnaround in Ethereum (ETH) price action, as the asset attempts to reclaim the recently lost ~$2,500 support level.
$ETH
Quite the turnaround as Ethereum tries to actually position itself for a reclaim of the recently lost ~$2500 support
Upcoming Weekly Close will dictate whether ETH confirms positioning in its Range or attempts a retest of ~$2500 back into support#ETH #Crypto #Ethereum https://t.co/2ky7C6vocJ pic.twitter.com/jhxkfQHkvf
— Rekt Capital (@rektcapital) July 3, 2025
The upcoming weekly close will be critical in determining whether ETH successfully re-establishes itself within its prior trading range or merely retests the $2,500 mark without confirmation. Traders are closely watching for a decisive move that could signal the next directional shift.
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